You may be able to avoid foreclosure on your home, even if you have fallen behind in payments. Contact our Orlando, Florida, law office to arrange a free consultation with a foreclosure attorney.
Have you received a notice of foreclosure proceedings? Are you a homeowner trapped by rising interest rates or loss of income due to illness or a layoff? It may seem, if you are unable to make your mortgage payments or pay your real estate taxes, that you have no alternative but foreclosure. The Law Offices of Richard Franzblau LLC, may be able to help you keep your house and rebuild your credit. We have offices in Florida, New Jersey and Pennsylvania.
Foreclosure — the bank takes your house and sells it
You may not be sure exactly what foreclosure means. If you have received a letter from the bank warning you of the possibility it will foreclose on your mortgage, you have to take fast action to avoid losing your home. Do not ignore the letter — contact the lender, or have your lawyer do it on your behalf and explain your situation. If you wait too long, there is nothing that can be done to stop the process. Stay in your home for now. Do not abandon your property.
How can you avoid foreclosure?
It is important to realize that the bank does not want to own your house. It may be willing to negotiate with you to avoid foreclosure. Attorney Richard Franzblau has experience in real estate mortgages and finance. He will explain your options. Possible strategies include:
- Refinancing your house.
- Negotiating with your lender to have the payments lowered or the interest rate reduced to the level it was at before the last rate increase.
- Seeking alternate sources of funding, including HUD
- Selling your property in a pre-foreclosure sale. This will allow you to avoid foreclosure, save your credit rating and keep any equity you have in the house.
- Negotiating a deed-in-lieu of foreclosure — give your property back to the lender and save your credit rating.
- Filing Chapter 7 or Chapter 13 bankruptcy.
Call 407-770-2520 and talk to a lawyer as soon as you realize you will not be able to make up missed payments without some kind of help. At the Law Offices of Richard D. Franzblau, LLC, we provide free consultations and legal representation at reasonable rates. Please contact us for more information and see if you can avoid foreclosure.